Belfast Telegraph

UK Website Of The Year

Average house price in Northern Ireland now £145,390

By Staff Reporter

Published 13/08/2015

Average house price in Northern Ireland now £145,390
Average house price in Northern Ireland now £145,390
Louise McHenry bought her house last year
Niall Kelly

The average house price in Northern Ireland has now risen to more than £145,000, according to a new Ulster University survey.

And while the research showed some slowdown in sales and price rises over the last quarter, prices here are continuing to climb.

The overall house price in Northern Ireland stood at £145,390 between April and June.

That's higher than the same period a year earlier - although the growth in prices slowed to 2.4% during the last quarter.

The Craigavon and Armagh area saw the biggest increases, rising by more than 18% on the same period last year, according to the research carried out in conjunction with the Northern Ireland Housing Executive.

North Down and South Belfast came out ahead with the most expensive properties, averaging around £194,000.

And Dr Martin Hinch, who was involved in the research, said a slowdown could have been caused by the holiday season.

"Consumer confidence is also one area, for example, with the Bank of England announcing interest rates could rise, and other things such as the ongoing political situation, including welfare reform."

But Northern Ireland's housing market continues to be extremely affordable when contrasted with other regions of the UK.

The research found that two-thirds of houses were sold at or below £150,000, with most property types witnessing a rise in the average price.

But apartment prices were down by 1.2% over the period.

Professor Stanley McGreal of Ulster University, the lead researcher on the project, said the findings "highlight while the average property price is up over the year, there is a quarterly decrease signalling slower market conditions during the spring of 2015".

"The on the ground observations from estate agents are in line with the general market trends outlined in the report, specifically that there is a shortage in the supply of good quality housing coming on to the market, which may be impacting on price."

Case study 1: 'I'm so glad I bought last year'

Louise McHenry (29) bought her three-bedroom house off the Ormeau Road last year - and said since then prices have already risen out of her budget.

"When I was looking I thought it was quite reasonable, and I was also comparing against London," she said.

"Last year seemed like a great time to do it because the house prices were so low.

"This year I took another look, and saw they'd gone out of my range."

Case study 2: 'I'm happy with what we paid'

Niall Kelly (31), a researcher, has bought his first house in Crumlin with wife Mairaid (32). While not revealing the price, he said he was happy with what he paid.

"It's a detached house in Crumlin and a four-bedroom," he said.

"It was deciding on the area first, it wasn't too far away from Belfast and ticked all the boxes.

"We were happy with the price paid, and it was probably less than we were willing to pay for it.

"We were looking on and off for two years; it's obvious that the prices are going up."

 

Find your dream home at propertynews.com

Belfast Telegraph

Read More

From Belfast Telegraph